KHYBEY TOBACCO COMPANY LTD

amount in million rupees

INCOME STATEMENT

2018 2017 2016 2015

Period Ending:
30/06 30/06 30/06 30/06
Total Revenue 1027.26 758.26 882.72 1125.7
Revenue 1027.26 758.26 882.72 1125.7
Other Revenue, Total - - - -
Cost of Revenue, Total 633.38 581.64 684.04 630.84
Gross Profit 393.88 176.63 198.67 494.862
Total Operating Expenses 746.02 683.21 765.31 718.35
Selling/General/Admin. Expenses, Total 83.47 87.42 66.5 54.81
Research & Development - - - -
Depreciation / Amortization 7.95 7.94 5.77 4.18
Interest Expense (Income) - Net
- - - -
Operating
Unusual Expense (Income) - - - -
Other Operating Expenses, Total 21.23 6.22 9 11.2
Operating Income 281.24 75.06 117.4 171.65
Interest Income (Expense), Net Non-Operating -2.95 -2.34 -1.75 -2.48
Gain (Loss) on Sale of Assets - - - -
Other, Net 2.17 8.51 21.39 7.03
Net Income Before Taxes 280.45 81.22 137.04 176.21
Provision for Income Taxes 90.52 11.61 35.61 34.31
Net Income After Taxes 189.93 69.61 101.43 141.9
Minority Interest - - - -
Equity In Affiliates - - - -
U.S GAAP Adjustment - - - -
Net Income Before Extraordinary Items 189.93 69.61 101.43 141.9
Total Extraordinary Items - - - -
Net Income 189.93 69.61 101.43 141.9
Total Adjustments to Net Income - - - -
Income Available to Common Excluding
189.93 69.61 101.43 141.9
Extraordinary Items
Dilution Adjustment - - - -
Diluted Net Income 189.93 69.61 101.43 141.9
Diluted Weighted Average Shares 19.23 19.23 4.81 1.2
Diluted EPS Excluding Extraordinary
9.88 3.62 21.1 118.07
Items
DPS - Common Stock Primary Issue 2.08 0.62 2 10
Diluted Normalized EPS 9.88 3.62 21.1 118.07
BALANCE SHEET

Total Current Assets 1063.93 790.73 735.24 471.58

Cash and Short Term Investments 82.95 17.67 51.19 26.69
Cash 82.95 17.67 51.19 26.69
Cash & Equivalents - - - -
Short Term Investments - - - -
Total Receivables, Net 441.19 196.92 207.28 50.68
Accounts Receivables - Trade, Net 441.19 184.03 202.05 29.86
Total Inventory 528.34 546.32 459.52 313.71
Prepaid Expenses 11.45 29.83 17.23 7.04
Other Current Assets, Total - - - 73.46
Total Assets 1721.59 1138.55 1111.11 849.98
Property/Plant/Equipment, Total - Net 652.72 342.28 371.67 375.7
Property/Plant/Equipment, Total - Gross - - - -
Accumulated Depreciation, Total - - - -
Goodwill, Net - - - -
Intangibles, Net 0.93 1.53 1.45 -
Long Term Investments 4.01 4.01 2.76 2.7
Note Receivable - Long Term - - - -
Other Long Term Assets, Total - - - -
Other Assets, Total - - - -
Total Current Liabilities 366.05 315.09 354.26 189.9
Accounts Payable 313.05 315.09 354.26 189.9
Payable/Accrued 313.05 315.09 - -
Accrued Expenses - - - -
Notes Payable/Short Term Debt - - - -
Current Port. of LT Debt/Capital Leases - - - -
Other Current liabilities, Total 53 - - -
Total Liabilities 558.5 386.81 415.43 235.92
Total Long Term Debt - - - -
Long Term Debt - - - -
Capital Lease Obligations - - - -
Total Debt - - - -
Deferred Income Tax - - - -
Minority Interest - - - -
Other Liabilities, Total 192.45 71.72 61.17 46.02
Total Equity 1163.09 751.74 695.68 614.06
Redeemable Preferred Stock, Total - - - -
Preferred Stock - Non Redeemable, Net - - - -
Common Stock, Total 12.02 12.02 12.02 12.02
Additional Paid-In Capital - - - -
Retained Earnings (Accumulated Deficit) 807.67 612.3 535.12 432.59
Treasury Stock - Common - - - -
ESOP Debt Guarantee - - - -
 Unrealized Gain (Loss) 343.4 127.42 148.55 169.45
Other Equity, Total - - - -
Total Liabilities & Shareholders' Equity 1721.59 1138.55 1111.11 849.98
Total Common Shares Outstanding 4.81 19.23 4.81 1.2
Total Preferred Shares Outstanding - - - -

CASH FLOW

Net Income/Starting Line 280.45 81.22 137.04 176.21

Cash From Operating Activities 67.64 -19.07 -38.06 107.4
Depreciation/Depletion 42.4 39.75 31.55 24.58
Amortization 0.9 0.77 0.41 -
Deferred Taxes - - - -
Non-Cash Items 11 -0.69 -10.72 8.16
Cash Receipts - - - -
Cash Payments - - - -
Cash Taxes Paid 27.33 20.3 16.77 47.72
Cash Interest Paid 3.54 4.43 2.76 2.35
Changes in Working Capital -267.12 -140.13 -196.33 -101.55
Cash From Investing Activities -2.35 -14.45 62.56 -138.1
Capital Expenditures -2.35 -13.2 -29.38 -136.85
Other Investing Cash Flow Items, Total - -1.25 91.94 -1.25
Cash From Financing Activities - - - -
Financing Cash Flow Items - - - -
Total Cash Dividends Paid - - - -
Issuance (Retirement) of Stock, Net - - - -
Issuance (Retirement) of Debt, Net - - - -
Foreign Exchange Effects - - - -
Net Change in Cash 65.28 -33.53 24.51 -30.7
PANY LTD

million rupees
ratios 2018 2017
liquidity ratios
current ratio 2.9065155033 2.5095369577
quick ratio 1.4631607704 0.7756831382
cash ratio 0.148522829 0.0456813423

debt ratios
total debt ratio 0.3244094122 0.3397391419
long term debt ratio 0.1117861976 0.0629924026
short term debt ratio 0.2126232146 0.2767467393
debt to equity ratio 0.4801864 0.5145529039
coverage ratio -95.33559322 -32.07692308
dividend cover ratio

profitibility ratios
gross margin ratio
operating profit ratio
net profit margin
return on assets
return on capital employed
38.342775928 23.29412075
27.377684325 9.8989792419
18.488990129 9.1802284177
11.032243449 6.113916824
14.011390295 8.4533553542

activity ratios
A/R turnover 2.3283845962 4.1203064718
avg collection period 156.76104394 88.585643447
inventory turnover ratio 0.2946885527 0.2891314722
inventory age 1238.5957877 1262.4014855
A/P turnover
asset turnover ratio 0.5966925923 0.6659874402
 2016

2.0754248292
0.7782984249
0.1232217221

0.3738873739
0.0550530551
0.3188343188
0.5971567387
-67.08571429

22.5065706
13.299800616
11.490619902
9.1287091287
13.401598732

4.3688195991
83.546594617
0.4423263453
825.18259166

0.7944487944
 PAKISTAN TOBAACO COMPANY LTD

INCOME STATEMENT amount in million rupees

2018 2017 2016 2015

Period Ending:
31/12 31/12 31/12 31/12
Total Revenue 53112.08 43279.15 44866.5 42907.19
Revenue 53112.08 43279.15 44866.5 42907.19
Other Revenue, Total - - - -
Cost of Revenue, Total 29837.55 23095.96 22283.41 24568.33
Gross Profit 23274.54 20183.19 22583.09 18338.87
Total Operating Expenses 38541.05 30445.59 29866.67 32572.12
Selling/General/Admin. Expenses, Total 8402.25 7184.57 7697.43 7717.58
Research & Development - - - -
Depreciation / Amortization 245.4 185.33 180.73 140.04
Interest Expense (Income) - Net Operating 71.37 117.78 -46.62 232.32
Unusual Expense (Income) -21.26 25.87 9.16 -70.22
Other Operating Expenses, Total 5.75 -163.91 -257.43 -15.92
Operating Income 14571.03 12833.56 14999.83 10335.07
Interest Income (Expense), Net Non-Operating 708.82 177.79 382.31 244
Gain (Loss) on Sale of Assets - - - -
Other, Net - - - -
Net Income Before Taxes 15279.85 13011.34 15382.15 10579.07
Provision for Income Taxes 4941.86 3437.78 5020.8 3532.64
Net Income After Taxes 10337.99 9573.56 10361.35 7046.43
Minority Interest - - - -
Equity In Affiliates - - - -
U.S GAAP Adjustment - - - -
Net Income Before Extraordinary Items 10337.99 9573.56 10361.35 7046.43
Total Extraordinary Items - - - -
Net Income 10337.99 9573.56 10361.35 7046.43
Total Adjustments to Net Income - - - -
Income Available to Common Excluding Extraordinary 10337.99 9573.56 10361.35 7046.43
Items
Dilution Adjustment - - - -
Diluted Net Income 10337.99 9573.56 10361.35 7046.43
Diluted Weighted Average Shares 255.49 255.49 255.49 255.49
Diluted EPS Excluding Extraordinary Items 40.46 37.47 40.55 27.58
DPS - Common Stock Primary Issue 39 30 25 24
Diluted Normalized EPS 40.45 37.55 40.58 27.4
BALANCE SHEET

Total Current Assets 21574.7 28378.54 30305.2 28980.58

Cash and Short Term Investments 4830.39 7398.6 8992.67 9595.72
Cash 1.94 2.6 0 0
Cash & Equivalents 0 0 293.17 1310.76
Short Term Investments 4828.45 7395.99 8699.51 8284.96
Total Receivables, Net 2597.08 2524.56 1939.18 1807.76
Accounts Receivables - Trade, Net 1.56 1.77 1.55 3.5
Total Inventory 14123.98 18405.06 19123.42 17435.76
Prepaid Expenses 23.25 50.18 249.94 141.34
Other Current Assets, Total - 0.14 - -
Total Assets 33108.34 40062.93 40452.63 37737.34
Property/Plant/Equipment, Total - Net 11375.17 11359.69 9155.88 8721.57
Property/Plant/Equipment, Total - Gross - - - -
Accumulated Depreciation, Total - - - -
Goodwill, Net - - - -
Intangibles, Net - - - -
Long Term Investments 30.06 28.48 32.11 35.19
Note Receivable - Long Term - - - -
Other Long Term Assets, Total 128.41 296.21 959.44 -
Other Assets, Total - - - -
Total Current Liabilities 11857.97 17387.06 21813.08 17018.99
Accounts Payable 5889.05 12964.72 16302.86 10848.66
Payable/Accrued - - - -
Accrued Expenses 212.26 214.99 215.73 143.17
Notes Payable/Short Term Debt 493.52 - 75.54 -
Current Port. of LT Debt/Capital Leases 397.48 139.6 148.25 162.55
Other Current liabilities, Total 4865.66 4067.76 5070.7 5864.61
Total Liabilities 13910.28 19505.07 22687.01 18428.85
Total Long Term Debt 1204.88 1530.02 284.85 299.47
Long Term Debt - - - -
Capital Lease Obligations 1204.88 1530.02 284.85 299.47
Total Debt 2095.88 1669.63 508.63 462.02
Deferred Income Tax 847.43 587.98 589.08 1110.39
Minority Interest - - - -
Other Liabilities, Total - - - -
Total Equity 19198.06 20557.85 17765.62 19308.49
Redeemable Preferred Stock, Total - - - -
Preferred Stock - Non Redeemable, Net - - - -
Common Stock, Total 2554.94 2554.94 2554.94 2554.94
Additional Paid-In Capital - - - -
Retained Earnings (Accumulated Deficit) 16643.13 18002.92 15210.69 16753.55
Treasury Stock - Common - - - -
ESOP Debt Guarantee - - - -
 Unrealized Gain (Loss) - - - -
Other Equity, Total - - - -
Total Liabilities & Shareholders' Equity 33108.34 40062.93 40452.63 37737.34
Total Common Shares Outstanding 255.49 255.49 255.49 255.49
Total Preferred Shares Outstanding - - - -

CASH FLOW

Net Income/Starting Line 10153.33 - 15279.85 14430.46

Cash From Operating Activities 1418.54 -1191.95 12809.62 9634.51
Depreciation/Depletion 652.57 - 941.72 682.83
Amortization - - - -
Deferred Taxes - - - -
Non-Cash Items 11.5 - -341.95 -162.23
Cash Receipts - - - -
Cash Payments - - - -
Cash Taxes Paid 2677 1067.66 5725.02 3757.33
Cash Interest Paid 81.73 23.01 31.91 22.88
Changes in Working Capital -9398.87 -1191.95 -3070.01 -5316.55
Cash From Investing Activities 144.15 -68.76 -1358.82 -46.21
Capital Expenditures -567.53 -337.62 -1606.82 -638.46
Other Investing Cash Flow Items, Total 711.68 268.86 248 592.25
Cash From Financing Activities -6142.95 -257.82 -9687.64 -7146.55
Financing Cash Flow Items - - - -
Total Cash Dividends Paid -5772.65 -152.79 -9436.12 -6946.67
Issuance (Retirement) of Stock, Net - - - -
Issuance (Retirement) of Debt, Net -370.3 -105.03 -251.53 -199.88
Foreign Exchange Effects - - - -
Net Change in Cash -4580.26 -1518.54 1763.16 2441.75
PANY LTD

ratios 2018 2017

liquidity ratios
current ratio (TIMES) 1.8194260906 1.6321643797
quick ratio (TIMES) 0.6283301442 0.5736150908
cash ratio 0.000163603 0.0001495365

debt ratios
total debt ratio 0.3581565853 0.4339937194
long term debt ratio 0.0619877046 0.0528670769
short term debt ratio 0.3581565853 0.4339937194
debt to equity ratio 0.7245669615 0.9487893919
coverage ratio 20.556742191 72.183812363
dividend cover ratio

profitibility ratios
gross margin ratio % 43.821556226 46.634903874
operating profit ratio% 27.434493245 29.652985329
net profit margin % 19.464479644 22.120489889
return on assets 31.224730687 23.896305138
return on capital employed 48.648517649 42.219170519

activity ratios
A/R turnover (DAYS) 20.43841394 17.131233845
avg collection period (DAYS) 17.858528606 21.306112759
inventory turnover ratio 1.8345177109 1.230849744
inventory age ( DAYS) 198.96237459 296.54310104
A/P turnover
asset turnover ratio 1.6041903641 1.0802792007
 2016

1.3893132011
0.5126181172
0.0134401011

0.5392252617
0.0216037869
0.5392252617
1.2770176329
39.234730977

50.333968551
33.432137564
23.093733632
25.613538601
55.587983615

23.118362678
15.788315335
1.2190322649
299.41783372

1.1091120651
 PHILLIP MORRIS PAKISTAN LTD

INCOME STATEMENT

in million rupees
2018 2017 2016 2015
Period Ending:
31/12 31/12 31/12 31/12
Total Revenue 16199.91 13966.52 14213.34 14416.91
Revenue 16199.91 13966.52 14213.34 14416.91
Other Revenue, Total - - - -
Cost of Revenue, Total 10270.57 8949.66 8192.41 9561.85
Gross Profit 5929.34 5016.87 6020.93 4855.06
Total Operating Expenses 15559.91 13401.41 13080.75 14615.09
Selling/General/Admin. Expenses, Total 4537.62 3940.24 3978.35 4543.47
Research & Development - - - -
Depreciation / Amortization 296.46 271.6 249.34 260.73
Interest Expense (Income) - Net Operating 180.46 15.78 1.19 -
Unusual Expense (Income) 231.74 193.99 634.37 209.83
Other Operating Expenses, Total 43.06 30.14 25.1 39.21
Operating Income 640 565.12 1132.59 -198.18
Interest Income (Expense), Net Non-Operating -0.49 -67.93 -328.96 -747.12
Gain (Loss) on Sale of Assets - - - 158.05
Other, Net -22.61 -20.88 -33.75 -889.68
Net Income Before Taxes 616.91 476.31 769.89 -1676.94
Provision for Income Taxes 73.76 285.31 194.73 -361.93
Net Income After Taxes 543.15 191.01 575.16 -1315.01
Minority Interest - - - -
Equity In Affiliates - - - -
U.S GAAP Adjustment - - - -
Net Income Before Extraordinary Items 543.15 191.01 575.16 -1315.01
Total Extraordinary Items - - - -
Net Income 543.15 191.01 575.16 -1315.01
Total Adjustments to Net Income -439.49 -307.2 -33.91 -
Income Available to Common Excluding Extraordinary 103.66 -116.19 541.25 -1315.01
Items
Dilution Adjustment - - - -
Diluted Net Income 103.66 -116.19 541.25 -1315.01
Diluted Weighted Average Shares 61.58 61.58 61.58 61.58
Diluted EPS Excluding Extraordinary Items 1.68 -1.89 8.79 -21.35
DPS - Common Stock Primary Issue - 15 - -
Diluted Normalized EPS 5 -0.62 16.49 -20.81

BALANCE SHEET
Total Current Assets 10099.82 7858.48 8708.75 10284.42
Cash and Short Term Investments 2965.23 256.1 108.09 74.61
Cash 2965.23 256.1 108.09 74.61
Cash & Equivalents - - - -
Short Term Investments - - -
Total Receivables, Net 903.83 981.74 803.79 939.17
Accounts Receivables - Trade, Net 36.46 1.52 95.93
Total Inventory 6037.66 6459.88 7672.51 8994.73
Prepaid Expenses 140.69 63.72 92.83 215.76
Other Current Assets, Total 52.41 97.05 31.54 60.16
Total Assets 18158.15 16401.85 18027.01 19307.62
Property/Plant/Equipment, Total - Net 7323.76 7798.94 8487.26 8025.68
Property/Plant/Equipment, Total - Gross 14907.56 13960.14 13826.5 12968.97
Accumulated Depreciation, Total -7585.08 -6160.6 -5346.66 -4950.02
Goodwill, Net - - - -
Intangibles, Net 24.27 20.02 29.91 22.71
Long Term Investments 50.55 45.83 36.68 37.09
Note Receivable - Long Term - - - -
Other Long Term Assets, Total 659.76 678.59 764.4 937.71
Other Assets, Total - - - -
Total Current Liabilities 5547.51 3500.57 4436.98 16658.29
Accounts Payable 2984.98 1978.39 1647.64 1058.9
Payable/Accrued - - - -
Accrued Expenses 1550.49 1169.43 1266.06 900.61
Notes Payable/Short Term Debt - - 1338.56 14317.91
Current Port. of LT Debt/Capital Leases - - - -
Other Current liabilities, Total 1012.04 352.75 184.71 380.87
Total Liabilities 5547.51 3500.57 4436.98 16658.29
Total Long Term Debt - - - -
Long Term Debt - - - -
Capital Lease Obligations - - - -
Total Debt - - 1338.56 14317.91
Deferred Income Tax - - - -
Minority Interest - - - -
Other Liabilities, Total - - - -
Total Equity 12610.65 12901.28 13590.04 2649.33
Redeemable Preferred Stock, Total - - - -
Preferred Stock - Non Redeemable, Net 10464 10464 10464 -
Common Stock, Total 615.8 615.8 615.8 615.8
Additional Paid-In Capital -33.91 -33.91 -33.91 -
Retained Earnings (Accumulated Deficit) 1822.87 2054.01 2760.33 2033.52
Treasury Stock - Common - - - -
ESOP Debt Guarantee - - - -
Unrealized Gain (Loss) - - - -
Other Equity, Total -258.12 -198.62 -216.18 -
Total Liabilities & Shareholders' Equity 18158.15 16401.85 18027.01 19307.62
Total Common Shares Outstanding 61.58 61.58 61.58 61.58
Total Preferred Shares Outstanding 1046.4 1046.4 1046.4 -

CASH FLOW

Net Income/Starting Line -549.84 -1751.54 616.91 1178.32

Cash From Operating Activities 1351.32 -594.96 4657.84 3435.36
Depreciation/Depletion 609.63 380.55 1560.34 898.91
Amortization 5.14 2.54 10.03 7.06
Deferred Taxes - - - -
Non-Cash Items 2231.33 2215.67 410.43 277.43
Cash Receipts - - - -
Cash Payments - - - -
Cash Taxes Paid 132.79 109.04 295.62 180.8
Cash Interest Paid 32.57 15.76 0.41 15.9
Changes in Working Capital -944.93 -1442.18 2060.13 1073.65
Cash From Investing Activities -395.23 -262.68 -1197.12 -269.81
Capital Expenditures -460.88 -327.81 -1300.52 -423.51
Other Investing Cash Flow Items, Total 65.65 65.13 103.39 153.7
Cash From Financing Activities -81.12 -31.98 -751.58 -750.87
Financing Cash Flow Items - - - -
Total Cash Dividends Paid -0.6 -0.3 -751.58 -750.87
Issuance (Retirement) of Stock, Net - - - -
Issuance (Retirement) of Debt, Net -80.53 -31.68 - -
Foreign Exchange Effects - - - -
Net Change in Cash 874.98 -889.62 2709.13 2414.68
 Ratios 2018 2017
Liquidity ratios
current ratio (TIMES) 1.820604199 2.2449143997
quick ratio (TIMES) 0.7322492434 0.3995349329
cash ratio (TIMES) 0.5345154853 0.073159514

Debt ratios
total debt ratio 0.3055107486 0.2134253148
long term debt ratio 0 0
short term debt ratio 0.3055107486 0.2134253148
debt to equity ratio 0.4399067455 0.2713350923
coverage ratio 3.5464922975 35.812420786
dividend cover ratio -905.25 -636.7

Profitibility ratios
gross margin ratio % 36.601067537 35.920687473
operating profit ratio % 3.9506392319 4.046247741
net profit margin % 3.3527964044 1.3676277269
return on assets 1.0519243425 3.5066776004
return on capital employed 1.5146721224 4.4581622909

Activity ratios
A/R turnover (DAYS) 17.923625018 13.716872913
avg collection period (DAYS) 20.364184122 26.609563442
inventory turnover ratio 1.6436146634 1.2665458567
inventory age (DAYS)) 222.07151599 288.18538079
A/P turnover
asset turnover ratio 0.8921564146 0.8515210174
 2016

1.9627652142
0.2335462409
0.0243611646

0.2461295578
0
0.2461295578
0.3264876336
951.75630252
-0.765267836

42.361119906
7.9685000148
4.0466209913
-7.294665061
-9.676277627

17.649526269
20.680441754
0.9830553829
371.29139045

0.7884468916